Reorienting Good Corporate Governance Based on Pancasila Values in Regional State-Owned Enterprises: A Systematic Literature Review for Strengthening Urban Economic Resilience
DOI:
https://doi.org/10.55927/marcopolo.v4i5.44Keywords:
Good Corporate Governance, Pancasila, Regional State-Owned Enterprises, Urban Economic Resilience, Systematic Literature ReviewAbstract
This study systematically reviews the literature on Good Corporate Governance (GCG), Pancasila values, and urban economic resilience in Regional State-Owned Enterprises (BUMD) to develop a value-based governance framework for strengthening regional development outcomes. A Systematic Literature Review (SLR) was conducted using the PRISMA protocol, with data retrieved from Scopus and Google Scholar via Publish or Perish. From 278 initially identified studies (2022–2026), 24 articles were selected after screening based on relevance and eligibility criteria. The findings show that GCG and governance mechanisms are the most dominant themes, followed by legal and institutional transformation, financial performance, and Regional Original Revenue (PAD), political influence, leadership, and sectoral governance issues. The results indicate that while conventional GCG principles such as transparency, accountability, responsibility, independence, and fairness improve BUMD performance, their effectiveness is often constrained by political patronage and institutional weaknesses. This study, therefore, proposes a reorientation of GCG through the integration of Pancasila values as a normative foundation to strengthen ethical, inclusive, and socially oriented governance. The proposed Pancasila-based GCG framework is expected to enhance organizational performance and contribute to urban economic resilience through improved financial sustainability, public service delivery, and regional economic development
References
Abramovich, N., & Vasiliu, A. (2023). Sustainability as fairness: A Rawlsian framework linking intergenerational equity and the sustainable development goals (SDGs) with business practices. Sustainable Development, 31(3), 1328–1342. https://doi.org/10.1002/sd.2451
Adimuntja, R., Setiawan, L., & Karim, A. (2024). Pengaruh Akuntabilitas, Transparansi, Dan Pengawasan Terhadap Kinerja Anggaran Berkonsep Value For Money Pada Bumd Kota Makassar. Indonesian Journal of Business and Management, 7(1), 125–133. https://doi.org/10.35965/jbm.v7i1.5210
Ainiyyah, G. R. (2022). Badan Usaha Milik Daerah (BUMD) yang belum berubah status menjadi Perumda atau Perseroda. Notary Law Journal, 1(2), 176–203. https://doi.org/10.32801/nolaj.v1i2.22
Ajaegbu, E. E., & Mmayie, S.-J. (2025). Resolving Principal Agent Conflicts: Revisiting Agency Theory Through the Lens of Internal Audit. International Journal of Innovative Science and Research Technology, 1050–1059. https://doi.org/10.38124/ijisrt/25oct380
Al Mahdi, A. (2026). The huge potential of Regional Owned Enterprises (BUMD) in the education sector: Exploring opportunities for local economic and fiscal diversification. Priviet Social Sciences Journal, 6(2), 146–155. https://doi.org/10.55942/pssj.v6i2.833
Albab, E. A., & Fitriana, Z. M. (2025). Implementation of Good Corporate Governance by the Bureau of Economic Affairs in its Supervisory Role Over Regional-Owned Enterprises (BUMD) in East Java. Lex Journal : Kajian Hukum Dan Keadilan, 9(2), 364–378. https://doi.org/10.25139/lex.v9i2.10538
Amin, R., Sulaiman, H., & Muin, I. (2024). Patron Client in Political Corruption in Circles South Sulawesi BUMD (Regional Owned Enterprises). Al-Amwal : Journal of Islamic Economic Law, 9(1), 18–35. https://doi.org/10.24256/alw.v9i1.4897
Arifin, R., Riyanto, R. B., Fibrianti, N., & Karsinah, K. (2024). Advancing Pancasila Through Community Engagement: The Contribution of Universities to Ideological and National Awareness in Kenteng Village. Indonesian Journal of Advocacy and Legal Services, 6(2), 293–324. https://doi.org/10.15294/ijals.v6i2.30578
Asy’ari, Q., & Ramin, Moh. (2025). Strategi Manajemen Keuangan Bumd Untuk Pertumbuhan Ekonomi Regional Dan Daya Saing Nasional. Jurnal Riset Akuntansi Dan Bisnis Indonesia, 5(2), 188–210. https://doi.org/10.32477/jrabi.v5i2.1199
Azani, M. (2025). Spin-off dan konversi bank umum konvensional menjadi bank umum syariah pada Badan Usaha Milik Daerah (BUMD) di Indonesia. Andrew Law, 4(1), 253–265.
Cahyani, I., Poernomo, G., & Boemiya, H. (2022). Pancasila: Looking For the Ideal Format of State Philosophy Embodiment. Jurnal Dinamika Hukum, 22(3), 514. https://doi.org/10.20884/1.jdh.2022.22.3.3108
Capoani, L., Fantinelli, M., & Giordano, L. (2025). The concept of resilience in economics: a comprehensive analysis and systematic review of economic literature. Continuity & Resilience Review, 7(2), 121–145. https://doi.org/10.1108/CRR-11-2024-0045
Cosa, M. (2024). Equity Integration in Corporate Social Responsibility: Analyzing Stakeholder, Legitimacy, and Social Activism Dynamics (pp. 133–154). https://doi.org/10.1007/978-981-97-4795-5_6
Di Maddaloni, F., & Derakhshan, R. (2024). Stakeholders’ perception of organization: an attribution and fairness perspective. International Journal of Managing Projects in Business, 17(1), 27–49. https://doi.org/10.1108/IJMPB-08-2023-0178
Dianniar, U. (2023). Analisis Kontribusi Bumd Terhadap Pendapatan Asli Daerah Kota Pontianak. Abdi Equator, 3(1), 25. https://doi.org/10.26418/abdiequator.v3i1.67382
Efridha, N., Nasution, B., Nasution, F. A., & Mulyadi, M. (2023). Analisis Akibat Hukum Kekayaan Daerah yang Dipisahkan pada Badan Usaha Milik Daerah (BUMD) Dikaitkan dengan Kebijakan Direksi dalam Kegiatan Bisnis. Recht Studiosum Law Review, 2(1), 129–140. https://doi.org/10.32734/rslr.v2i1.12114
Ermiani, E., Arifia, S., & Halim, M. A. (2026). Kinerja Keuangan Badan Usaha Milik Daerah (BUMD) di Kabupaten Bogor, 2020–2024: Studi Longitudinal Aset, Ekuitas, dan Kontribusi terhadap Pendapatan Daerah Asli. Strata Business Review, 4(1), 71–81. https://doi.org/10.59631/sbr.v4i1.504
Farooqi, S., & Knox, S. (2025). Maintaining Collective Legitimacy During Crisis: A Case of Social Enterprise Intermediaries in Scotland. Public Administration, 103(3), 874–889. https://doi.org/10.1111/padm.13067
Ginanjar, J., Hermanto, B., & Wulan Tresna, P. (2022). Peran Gaya Kepemimpinan Transformasional dan Transaksional dalam Penerapan Strategi Bisnis Masa Pandemi Covid-19: Studi Kasus pada BUMD X. Bahtera Inovasi, 5(2), 80–88. https://doi.org/10.31629/bi.v5i2.3966
Harianja, A. P., & Sinaga, R. S. (2025). Pancasila As The Basis And Ideology Of The State: Implementation In National And State Life. Journal Of Social, Justice And Policy, 4(2), 20–24. https://doi.org/10.56015/sjp.v4i2.46
Haryati, H., & Mughits, A. (2025). Inclusive Development in Indonesia: Integration of Islamic Business Management and Islamic Social Finance Based on Pancasila Values. Relevance: Journal of Management and Business, 8(1). https://doi.org/10.22515/relevance.v8i1.12000
Heidari, N., & Karagüler, M. E. (2024). A Holistic-Analytical Review of Urban Resilience in the Face of Climate Change. Civil Engineering and Architecture, 12(5), 3571–3582. https://doi.org/10.13189/cea.2024.120532
Hendar, J. (2025). Reconstructing the Paradigm of Corporate Social Responsibility Based on Pancasila and Social Justice. Journal of Social Entrepreneurship Theory and Practice, 4(2), 41–53. https://doi.org/10.31098/jsetp.v4i2.3557
Hidayanti, N., & Widyananto, A. (2022). Analisis Perbandingan Kinerja Keuangan Bank Umum Syariah Bumd Dengan Menggunakan Metode Eagles. Jurnal Hukum Islam Dan Perbankan Syariah , 13(2), 153–164.
Homan, H. S., & Sani Susanto. (2026). Asset Structure and Business Orientation of Regional Government-Owned Enterprises (BUMD) in Indonesia: Evidence from Correspondence Analysis. Review of Accounting and Business, 5(2), 72–86. https://doi.org/10.52250/reas.v5i2.1078
Hossain, M. Z., Hasan, L., & Hasan, M. H. (2024). Corporate Governance as a Global Phenomenon: Evolution, Theoretical Foundations, and Practical Implications. Journal of Financial Risk Management, 13(02), 342–375. https://doi.org/10.4236/jfrm.2024.132017
Islam, R., Ali, M., & French, E. (2023). Director independence and its influence on corporate social responsibility decisions and performance. Social Responsibility Journal, 19(10), 1917–1934. https://doi.org/10.1108/SRJ-08-2022-0333
Jaiswal, A., Sagar, R., Pandey, A., Yadav, D., Ansari, Mohd. S., & Rawat, R. (2024). Building Resilient Urban Futures: Adapting Cities to Climate Change Challenges (pp. 51–68). https://doi.org/10.1007/978-981-97-9658-8_3
Karsono, B. (2023). Good Corporate Governance: Transparency, Accountability, Responsibility, Independency dan Fairness (Literature Review). Dinasti International Journal of Management Science, 4(5), 811–821.
Khozin, M., Hara, A. E., Anggono, B. D., Helpiastuti, S. B., & Harisudin, M. N. (2026). Reconstruction Of Bumd Based On Law Number 23 Of 2014 In Realising Good Governance. Petita: Jurnal Kajian Ilmu Hukum Dan Syariah, 11(1). https://doi.org/10.22373/petita.v11i1.1088
Kim, K., Ciszek, E., Ki, W., & Faust, K. M. (2025). Building institutional trust during disasters: An organization-public relationship examination of public service organizations (PSOs). International Journal of Disaster Risk Reduction, 118, 105253. https://doi.org/10.1016/j.ijdrr.2025.105253
Kyrdoda, Y., Balzano, M., & Marzi, G. (2023). Learn to survive crises: The role of firm resilience, innovation capabilities and environmental dynamism. Technology in Society, 74, 102285. https://doi.org/10.1016/j.techsoc.2023.102285
Machmud, Y., & Kambo, G. A. (2026). Political Support Model for the Performance of Regionally-Owned Enterprises (BUMD) in South Sulawesi Province. Architecture Image Studies, 7(1), 1126–1137. https://doi.org/10.62754/ais.v7i1.999
Machmud, Y., Kambo, G., Irwan, A. L., & Saharuddin. (2026). Political Support for the Performance of Regional-Owned Enterprises (BUMD) in South Sulawesi Province (pp. 198–209). https://doi.org/10.2991/978-2-38476-545-4_15
Margaretha, S., Emirzon, J., & Ridwan, R. (2024). Implikasi Hukum Perusahaan Daerah Air Minum Tirta Musi Palembang Memilih Perumda atau Perseroda Sebagai Bentuk BUMD. Lex Lata, 6(1), 107–126.
Mashadi, M., Trisanti, T., & Prajogo, W. (2025). Determinants of Governance: A Systematic Literature Review and Synthesis for Future Research. JURNAL ILMIAH GEMA PERENCANA, 4(2), 723–748. https://doi.org/10.61860/jigp.v4i2.225
Mazid, S., Widiyanto, D., Rachman, F., & Hasanah, I. (2025). Professional Ethics and the Exemplary Behavior of Public Figures: A Literature Review from a Pancasila Perspective. Pancasila: Jurnal Keindonesiaan, 5(2), 166–181. https://doi.org/10.52738/pjk.v5i2.839
Miao, S., Tian, G. G., Wen, F., & Xiao, J. (2024). The Independence of Judges and Corporate Social Responsibility. Journal of Business Ethics, 193(3), 633–653. https://doi.org/10.1007/s10551-023-05540-8
Mismiwati, M. (2025). The Influence Of Ownership Structure On GCG Effectiveness And Its Implications For Financial Performance. Oikonomia : Journal of Management Economics and Accounting, 2(4), 58–66. https://doi.org/10.61942/oikonomia.v2i4.412
Mseer, I., & Almubaydeen, T. (2025). Economic Diversification: Benefits and Challenges (pp. 1407–1414). https://doi.org/10.1007/978-3-031-87550-2_95
Muqsith, M. A., Muzykant, V. L., Tayibnapis, R. G., & Pratomo, R. R. (2022). Revolutionizing Pancasila as the ideology of Indonesians. RUDN Journal of Sociology, 22(4), 860–871. https://doi.org/10.22363/2313-2272-2022-22-4-860-871
Napitupulu, I. H., Situngkir, A., Basuki, F. H., & Nugroho, W. (2023). Optimizing Good Corporate Governance Mechanism to Improve Performance: Case in Indonesia’s Manufacturing Companies. Global Business Review, 24(6), 1205–1226. https://doi.org/10.1177/0972150920919875
Noerisma, M. O., & Stiawati, T. (2024). Management Strategy in Improving Public Information Services at The Cilegon City Diskominfo. Edusight International Journal of Multidisciplinary Studies, 1(3). https://doi.org/10.69726/eijoms.v1i3.55
Oktafiana, A. N., Rizkiya, W., & Cahyani, A. (2025). Pancasila-Based Neutral Center as a Global Conflict Peace Catalyst and Conflict Resolution. Publication of the International Journal and Academic Research, 2(2), 65–76. https://doi.org/10.63222/pijar.v2i2.30
Pylypenko, V., Pylypenko, N., Slobozhan, O., Nahorna, O., & Tkachenko, B. (2024). Social Inclusion in Driving Sustainable Growth within United Territorial Communities. Grassroots Journal of Natural Resources, 7(3), s420–s457. https://doi.org/10.33002/nr2581.6853.0703ukr21
Rafinzar, R., Aryansah, J. E., Suryani, R. A., & Kencana, N. (2026). Structural Transformation of Indonesia’s Regional Economy Post-COVID-19: Sectoral Shifts and Recovery Policy Analysis. Dialektika : Jurnal Ekonomi Dan Ilmu Sosial, 11(1), 233–250. https://doi.org/10.36636/dialektika.v11i1.7550
Rahmelia, V., Munawarah, Sudrajat, & Wulandari, T. (2026). Moral Compass for the Digital Future: A Philosophical-Educational Framework in Society 5.0. Waskita: Jurnal Pendidikan Nilai Dan Pembangunan Karakter, 10(1), 1–19. https://doi.org/10.21776/ub.waskita.2026.010.01.1
Reid, A., Ringel, E., & Pendleton, S. M. (2024). Transparency reports as CSR reports: motives, stakeholders, and strategies. Social Responsibility Journal, 20(1), 81–107. https://doi.org/10.1108/SRJ-03-2023-0134
Renz, D. O., Brown, W. A., & Andersson, F. O. (2023). The Evolution of Nonprofit Governance Research: Reflections, Insights, and Next Steps. Nonprofit and Voluntary Sector Quarterly, 52(1_suppl), 241S-277S. https://doi.org/10.1177/08997640221111011
Rethlefsen, M. L., & Page, M. J. (2021). PRISMA 2020 and PRISMA-S: common questions on tracking records and the flow diagram. Journal of the Medical Library Association, 110(2). https://doi.org/10.5195/jmla.2022.1449
Rustini, N. K. A. (2022). The Implementation of Good Corporate Governance in BUMD Institutions. Journal of Economics, Finance And Management Studies, 05(02). https://doi.org/10.47191/jefms/v5-i2-22
Salvador, M., & Sancho, D. (2023). Local Governments Facing Turbulence: Robust Governance and Institutional Capacities. Social Sciences, 12(8), 462. https://doi.org/10.3390/socsci12080462
Sari, R. (2023). Enhancing Corporate Governance through Effective Oversight and Accountability. Advances: Jurnal Ekonomi & Bisnis, 1(6). https://doi.org/10.60079/ajeb.v1i6.291
Sari, R., & Muslim, M. (2023). Accountability and Transparency in Public Sector Accounting: A Systematic Review. Amkop Management Accounting Review (AMAR), 3(2), 90–106. https://doi.org/10.37531/amar.v3i2.1440
Sauer, P. C., & Seuring, S. (2023). How to conduct systematic literature reviews in management research: a guide in 6 steps and 14 decisions. Review of Managerial Science, 17(5), 1899–1933. https://doi.org/10.1007/s11846-023-00668-3
Seftia, S., Anggraeni Yunita, & Julia. (2023). Analisis Perbandingan Tingkat Kesehatan Bank Dengan Metode Rgec Pada Bank Bumn Dan Bank Bumd Tahun 2019-2021. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 9(3), 697–707. https://doi.org/10.35870/jemsi.v9i3.1121
Setya, A. (2024). Improving Public Service to Achieve Good Corporate Governance for the Enhancement of Regional Revenue (PAD). Journal of Social Sciences and Humanities, 3(2), 55–64. https://doi.org/10.53797/icccmjssh.v3i2.10.2024
Shi, Y., Zhang, T., & Jiang, Y. (2023). Digital Economy, Technological Innovation and Urban Resilience. Sustainability, 15(12), 9250. https://doi.org/10.3390/su15129250
Somadiyono, S. (2022). Perbandingan Hukum Bisnis Atas Perubahan Bentuk Bumd Dari Perusahaan Daerah Anindya Menjadi Perseroan Terbatas Anindya Mitra Internasional. PALAR | PAKUAN LAW REVIEW, 8(1), 354–373. https://doi.org/10.33751/palar.v8i1.4969
Sudirta, I. W., Pieris, J., Nugroho, W., & Ryantoni, H. (2025). Explore the Values of Pancasila as the Basic Philosophy of the Indonesian Nation. Arena Hukum, 18(1), 127–158. https://doi.org/10.21776/ub.arenahukum2025.01801.6
Suganda, A., & Suganda, G. L. (2024). Principles of Indonesian Constitutional Law in Pancasila Democracy. International Journal of Religion, 5(11), 7337–7342. https://doi.org/10.61707/p5zdqz26
Syarah Siti Supriyanti, & Dwi Nofiana Gita Pertiwi. (2025). How Do Pancasila Economics and Islamic Economics Relate to Financial Governance Policies in Indonesia? Journal of Islamic Economics and Business Ethics, 2(1), 1–22. https://doi.org/10.24235/jiesbi.v2i1.198
Syawal, A., Mas’ud, M., & Arif, Muh. (2026). Pengaruh Struktur Kepemilikan, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Perbankan BUMN dan BUMD yang Terdaftar di Bursa Efek Indonesia. BENEFIT: Journal Of Business, Economics, and Finance, 4(2), 66–82.
Tajuddin, I., & Kessi, A. M. F. (2025). The Role of Taxes and BUMD Profitability in Driving Local Revenue. Paradoks : Jurnal Ilmu Ekonomi, 8(2), 1020–1027.
Thontowi, J., Wati, E., Jamil, A., & Nurjihad, N. (2024). Transformation of Pancasila and the Rule of Law: A Comparative Study and Analysis of National Development Before and After Government Reformation. SHS Web of Conferences, 204, 07011. https://doi.org/10.1051/shsconf/202420407011
Trivedi, Dr. G., Bhagat, Prof. M., & Sharma, Prof. K. (2024). “Corporate Governance and Financial Performance: The Role Of Management Practices In Enhancing Shareholders’ Value”. Educational Administration Theory and Practices. https://doi.org/10.53555/kuey.v30i4.2807
von Malmborg, F. (2024). Strategies and Impacts of Policy Entrepreneurs: Ideology, Democracy, and the Quest for a Just Transition to Climate Neutrality. Sustainability, 16(12), 5272. https://doi.org/10.3390/su16125272
Wicaksono, K. W., & Komang Monday Sari. (2026). Redefining Citizenship In Democratic States: Toward A Public-Centered Governance Paradigm In Indonesia. Kebijakan : Jurnal Ilmu Administrasi, 17(01), 109–119. https://doi.org/10.23969/kebijakan.v17i01.39945
Wijiharjono, N., Chandra, D., & Rachman, N. H. (2022). Tata Kelola Perusahaan dan Biaya Agensi: Studi Kasus pada Badan Usaha Milik Daerah (BUMD) Provinsi DKI Jakarta. https://doi.org/10.31219/osf.io/mcqv7
Wulan, I. N., Djati, K., & Endraria, E. (2022). Pengaruh Sistem Pengendalian Intern, Komitmen Organisasi dan Budaya Organisasi Terhadap Good Corporate Governance Serta Dampaknya Pada Kinerja Usaha (Studi Empiris Pada BUMD Non-Keuangan Kabupaten Tangerang). Journal of Accounting Science and Technology, 2(2), 137–156.
Yahya, C. M., & Wildan Syafitri. (2024). Analisis Pengaruh Penyertaan Modal Dan Laba Bumd Terhadap Pendapatan Asli Daerah Di Provinsi Jawa Tengah. Journal of Development Economic and Social Studies, 3(4), 994–1008. https://doi.org/10.21776/jdess.2024.03.4.02
Yassir, Y. A., & Waspadani, H. C. (2025). Mainstreaming Pancasila in The Relocation of The National Capital. Pancasila: Jurnal Keindonesiaan, 5(2), 200–215. https://doi.org/10.52738/pjk.v5i2.619
Yuniarto, B., Cholid, B. A., Ya’afi.Ni, N. K., Nurussaadah, N., & Adelisah, A. (2024). Pancasila as the Foundation of Value Development in Science. International Journal of Social Science and Community Service, 3(1), 49–54. https://doi.org/10.70865/ijsscs.v3i1.67
Zaini, Z. D., Hesti, Y., & Passa, R. R. (2023). Aspek Hukum Pelaksanaan Perlindungan Kerahasiaan Penyimpanan Dana Nasabah pada BUMD Bank Lampung. Repertorium: Jurnal Ilmiah Hukum Kenotariatan, 12(1), 27–37.
Zeng, X., Yu, Y., Yang, S., Lv, Y., & Sarker, M. N. I. (2022). Urban Resilience for Urban Sustainability: Concepts, Dimensions, and Perspectives. Sustainability, 14(5), 2481. https://doi.org/10.3390/su14052481
Zuhairi, A., Riadhussyah, M., Subarkah, A. R., Suparman, E., & Amirulloh, M. (2026). From Public Assets to Corporate Capital: Rethinking the Legal Status of Regional Assets Used as Capital and Collateral in Regional State-Owned Enterprises (BUMD). Yustisia, 15(1), 21–46.
